GARUDA is a well-designed and largely welcome structural reform. Its concerns are real, and practitioners advising on AIF launches should not treat the new regime as risk-free simply because it is faster.

The IBC was never meant to be a code of private enforcement. It is a statute of public restructuring, where creditor control is legitimate because it is bound by statute and under adjudicatory supervision. CIIRP diminishes the first moment of that supervision and must therefore heighten the requirements of notice and objection rights.

We must acknowledge that the 2026 Amendment is a correction that was much-needed, even if implemented through a blunt approach.